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Essentium将通过9.74亿美元的SPAC合并在3D Printing的最新IPO中公开

Industrial 3D printer manufacturerEssentium已经公布了通过与特殊目的收购公司(SPAC)合并公开公开的计划大西洋沿海收购

Set to be completed by the end of Q1 2022, the deal will see the firms combine into a joint venture worth an estimated $974 million, that’ll be listed on Nasdaq under the ticker ‘ADTV.’ It’s anticipated that the transaction will raise the resulting enterprise $346 million, but the companies have already poured cold water onto spending speculation, by saying “proceeds are expected to primarily fund organic growth.”

“We believe that following this transaction, Essentium will be extremely well-positioned for rapid growth as it further expands its ecosystem offerings, capitalizes on its line-of-sight sales pipeline, and executes on its M&A strategy as it continues to advance AM as a public company,” Tony Eisenberg, CSO of Atlantic Coastal Acquisition said on the deal.

High Speed Extrusion technology

Essentiummay have been around since 2013, but it didn’t launch its flagship High Speed Extrusion (HSE) technology until 2018. Designed to address the speed and strength drawbacks of traditional FFF systems, the company claims that its HSE printers are up to 15 times faster, while their in-built cameras are said to provide quicker datastreams as well, allowing users to monitor builds with high-precision.

在过去的三年中,Essentium稳步扩展了平台,首先与巴斯夫and实现介绍一个开放高速3D打印模型,然后寻求更好地支持新的窥视和尼龙系列它与莱沃斯,以及一批新的high-performance filamentswith aerospace, electronics and defense potential.

在机器方面,该公司也在扩大n its offering recently, by adding theHSE 240T到现有HSE 180系列andHSE 280I HT投资组合ATFormnext2021. Marketed as a “compact powerhouse,” the new system is designed to be small enough to fit into an SME’s factory, while still efficient enough to deliver cost and lead time benefits to those switching from traditional manufacturing.

Additionally, like many other 3D printing technologies, Essentium cites the potential of HSE to help manufacturers in-source their production as being one of its major benefits, and following its SPAC merger, the firm’s CEO Blake Teipel says that it’s now set to raise the funding necessary to truly scale the platform’s “distributed production capabilities.”

“Fundamental deficits in our existing global supply chain models are being exacerbated by escalating obstacles such as trade imbalances and the global pandemic,” said Teipel. “Today’s announcement represents a major milestone in our efforts to provide long-term, sustainable solutions for a new manufacturing paradigm that can meet these global challenges head-on.”

Essentium的HSE 180-S 3D打印机。通过Essentium的照片。
一旦Essentium和Atlantic的收购结合在一起,预计该公司将保留“ Essentium”绰号。通过Essentium的照片。

即将举行的9.74亿美元IPO

大西洋沿海地区与Essentium提议的合并认为,假设其股东没有赎回,那么它将即将建立的公司的每股价值为10.00美元。鉴于Essentium预计到2023年会产生2.12亿美元,因此该交易对其股东来说可能是有利可图的,因为合并后的公司预计将价值4.6倍。

交易完成后,两家公司的股东将把股权推向产生的企业,Essentium的支持者保留了64%的股票,而大西洋沿海地区则将继承36%。对于后者的股东,试图利用其对交易,公司和阿塔拉亚- 附加ACM ARRT VII C LLC已同意为这些股份进行联合要约。

在受到限制的情况下,本协议将使Atalaya购买行使这种赎回权的股东招标的前1000万股股票,而大西洋沿海地区已承诺购买其余的股票。如果交易在未来两年内终止,大西洋沿海地区也同意以赎回价格购买Atalaya的股票,从而增加了交易的稳定性。

In terms of funding, the merger is expected to deliver up to $346 million in net proceeds to the combined company, assuming there are no redemptions or expenses related to the deal’s closure. Although Atlantic Coastal has a reported $346 million on its balance sheet, part of this capital will also be raised via a $40 million PIPE, backed by Atalaya, BASF,阿apeiron和投资者Christian Angermayer

Looking ahead, the merger may still be subject to the approval of shareholders, but the boards of both firms have unanimously approved the deal, and according to Atlantic Coastal CEO Shahraab Ahmad, the sustainability benefits of Essentium’s HSE technology should make it an ideal partner to achieve its eco-goals with moving forwards.

艾哈迈德补充说:“我们以以ESG为中心的重点开设了大西洋沿海地区,并具有与一家将改变国际贸易本质的公司合作的任务。”“我们相信Essentium正是那个合作伙伴。Blake和他的经验丰富的团队开发了深厚的技术护城河,可提供大量的经常性收入,支持毛利率扩张和极具吸引力的单位经济学。”

与Trine合并结束后,台式金属现在已经在纽约证券交易所上线了。通过桌面金属照片。
桌面金属在2020年12月在纽约证券交易所公开时,可以说是启动了3D打印的IPO趋势。通过桌面金属摄影。

AM的SPAC IPO趋势浮出水面

在过去的18个月中,3D打印公司的绳子选择通过SPAC合并而不是传统IPO公开,这在此过程中筹集了大量资本。在Essentium的大揭露之前,部分服务提供商Fast Radius在揭幕了通过A公开的计划之后,这是其中的最新9.95亿美元的SPAC合并2021年7月。

On the flipside, the likes ofXometryhave also decided to go public recently but chosen to do so via conventional IPOs rather than deals with SPACs. Despite not having SPAC-backing, the company was still able to筹集了据报道3.02亿美元从交易中,比最初预期的要多了近5000万美元。

3D打印机制造商formlabs另一方面,说是避免诱惑to cash in on the industry’s SPAC IPO trend, after it raised $150 million in May 2021. The firm’s CEO Max Lobovsky reportedly said at the time that it was “large enough and mature enough” to go public, but that it would “take its time” and make sure it was ready to excel before making such a move.

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特色图像显示了使用Essentium的HSE 180-S 3D打印机的工程师。通过Essentium的照片。